Online Payday Loans in Ontario for Quick & Instant Approval

Suppose you have difficulties paying for unprecedented budgets or need money for emergency expenditures, like medical bills and treatment, urgent car or home repairs. In that case, you can get money from online payday loans in Ontario.

Online payday loans in Ontario is for Canadian residents. It is meant to shore up Canadians until their next paycheck arrives from their employer. Some Canadians even take these loans to buy food and groceries till the next payday.

Online payday loans in Ontario are usually short-term loans. They are different from the usual bank loans, which can be long-term. These loans can go for just one week before the money is recovered from the borrower’s account with a fee.

Most Canadians find online payday loans in Ontario to be pretty convenient. The loan is processed online, and the borrower quickly fills a form on the lender’s website when they meet the lender’s eligibility criteria.

There are several online payday loans in Ontario that provide easy and immediate funding for residents of Canada during emergencies and crisis periods. This article talks about the 12 best online payday loans in Ontario, their eligibility criteria, distinctive features, and lots more.

 If you need to apply for a payday loan, then sit tight and read through.

12 Best Payday Loans in Ontario

There are many online payday loans in Ontario. Some of them are good, and some are not so good. The challenge is finding the one that will work for you and your situation.

But, making sure you find the right lender doesn’t have to be complicated. I’ve made it simple by comparing some of the best online payday loans in Ontario.

Here is a quick and easy list of the best ones with links for further research:

1. Mogo Financials

Mogo Finance Technology Inc. is a lending institution based in Ontario. They help Canadians navigate through life’s most stressful situations by offering a wide variety of financial options.

Mogo Financial’s comprehensive list of products and services includes mortgages, personal loans of $100 to $35,000, free credit score monitoring, etc.

Qualifying may require several different steps depending on the products you want to apply for.

Eligibility Requirements

• Be above the Age of Majority in your province or territory (18 or 19)
• Be a permanent resident of any province or territory in Canada except Quebec.
• Proof of your income
• Proof of an active bank account
• Your employment history

Why we recommend Mogo Financials

• Getting approved is relatively easy and quick
• No early repayment charges.
• They offer relatively large loans to cover lots of expenses and unpaid debts.
• Mogo has a 100-day money-back guarantee policy
• A Mogo membership comes with various perks

Why we don’t like Mogo financials

• High-interest rates
• Two non-sufficient funds penalties will apply if you default on any payments ($20-$50).
• Additional loan fees

2. Loan Connect

If you need cash fast and live in Ontario, Loan Connect’s payday loans are a great option if you need money fast and live in Ontario. You can apply through their website or mobile app and get your funds within 24 hours.

The application process is simple and requires no credit score check so that anyone can apply with Loan Connect.

In just a few steps, you can get the cash you need by applying for a payday loan from Loan Connect.

Additionally, you may qualify for an online payday loan of up to $50,000 through LoanConnect.

Eligibility Requirements

• Be above 18 or19 years old depending on your provinces and territories
• Be a Canadian citizen or resident
• Have a valid bank account
• Have a proof of income
• Have a government-issued ID

Why we recommend LoanConnect

• Works with multiple lenders to offer you the best rates
• Secured and unsecured loan options
• Bad credit does not matter
• Latest security to protect your information
• Transparent contracts
• Quick deposits after approval

Why we don’t like Loan Connect

• High interest rates for bad credits
• Online only with no physical meetings with lender
• Limited loan providers

3. Coast Capital

For online payday loans in Ontario, look no further than Coast Capital Savings. This company offers its customers 100% secure online payday loans with instant results.

Coast Capital is another lender that provides Canadians with payday loans online. This company offers payday loans of up to $3,000 and has no hidden fees.

Coast Capital has over 80 years of experience and serves as an alternative to banks and other institutions to borrow money.

Also, Coast Capital’s website has a simple and easy-to-navigate interface that allows its clients to complete their applications within a few minutes.

The entire process is carried out online, and there are no credit checks or employment verification required.

Eligibility requirements

• Be a Canadian citizen or resident
• Be above the age of majority
• No past bankruptcy
• Have a proof of income with steady employment

Why we recommend Coast Capital

• Quick approval
• Flexible payment options
• Refinancing to help you get lower interest rates and better loan term
• Competitive rates

Why we don’t like Coast Capital

• Not available in all of Canada, only in Quebec, Saskatchewan or other territories

4. Fairstone

Fairstone is a leading lender of personal loans in Canada. They help Canadians meet their needs and budget by giving them money in affordable payments.

Regarding online payday loans Ontario, Fairstone is one of Canada’s most trusted and respected lenders. You can borrow up to $35,000 to settle debts, cover unexpected expenses, or anything else.

Fairstone has made it easy to apply for payday loans online. There’s no need for lengthy paperwork or complicated applications.

All you have to do is, fill out a few details about your situation online, submit your application, and you’ll be notified shortly after that whether you’re approved for a payday loan.

Once approved, you’ll receive your cash quickly so you can use it to pay bills or cover urgent expenses. Also, Fairstone offers payday loans up to $35,000 in Ontario.

Eligibility requirements

• Be a Canadian citizen or resident
• Above the age of majority in your province
• Show proof of regular employment and a steady income
• Have an active bank account in your name with direct deposit capability

Why we recommend Fairstone

• Easy application and fast approval
• Offers loan insurance
• Dedicated customer support
• No prepayment penalties
• You can cancel within 14 days if the loan is no longer suitable

Why we don’t like Fairstone

• High-interest rates
• Unsolicited loan offers
• You will pay a discharge fee when you finish your loan
• Negative press

5. Courtier Du Quebec

An alternative solution is available if you are tired of dealing with banks and other traditional lenders that will not grant you a personal loan.

You do not have to be stuck with no options when trying to get a quick loan. Instead, you can turn to Courtier Du Quebec for help financing your needs in a fast and easy way.

These lenders offer competitive rates and a wide range of terms and conditions. The company’s experts can help you find the perfect one for your needs and requirements.

Courtier Du Quebec works with several lenders to ensure its clients find Canada’s best online payday loans.

The online application process is straightforward to get your money faster. Plus, it’s available 24/7, so you don’t have to worry about missing out on an excellent loan opportunity because of time constraints.

Why we recommend Courtier Du Quebec

• No credit surveys
• Easy application
• Agents are available to support you
• Fast approval
• Confidentiality
• Simple and flexible

Why we don’t like Courtier Du Quebec

• You must be steadily employed for not less than three months.

6. LoanMeNow

LoanMeNow is a trusted Canadian payday loan provider with many years of experience helping people just like you.

When you need money fast, you can rely on LoanMeNow to provide a quick cash advance in Canada.

LoanMeNow has helped many borrowers in Ontario, and other Canadian provinces get their hands on the cash they need when they need it.

Whether you need to pay the rent or buy groceries, a payday loan can get you through those tough spots in life.

Eligibility requirements

• You must be above 18 years
• Must be a Canadian resident
• Must be paid by direct deposit
• Must make at least $1,200 monthly after taxes
• Must have an active bank account
• Must have had the same employer for the last two months
• Must not be in a bankruptcy or a consumer proposal

Why we recommend LoanMeNow

• Super-fast approvals
• No credit checking when applying
• Fast funding as approved applications are funded the next business day
• Loans are secure and confidential

7. LendDirect

LendDirect is the best place to go if you’re looking for online payday loans in Ontario or other financial services.

Their simple and easy application process makes it so anyone can get a loan online, even if they have bad credit.

Trying to find a bank that will work with your needs can be time-consuming and frustrating.

LendDirect speeds up the process by offering its services online. They’ll provide you with a quick and easy way to get the money you need when you need it most.

They’ll help you find the perfect payday loan tailored to your specific requirements. A loan of $15,000 is also available from this company.

Eligibility requirements

• You must be between 18 and 70 years old
• Minimum monthly income threshold of $1500
• Have a minimum credit score of 560
• Minimum 3 months credit history 
• You must be a Canadian resident living in a province where LendDirect service is available.
• Have a viable bank account with direct deposit capability

Why we recommend LendDirect

• Straightforward application process
• Funds can be used for any expense
• Funds are accessible immediately upon approval

Why we don’t like LendDirect

• Not available across Canada
• High-interest rates

8. iCash

Online payday loans have become increasingly popular as more people seek alternatives to traditional lending options.

The Internet makes it easy to find options to cover unexpected expenses, and iCash has several offerings that make it an attractive choice for consumers.

This includes a 24-hour online application process that can be done in just a couple of minutes, and there are no hidden fees or costs.

iCash is committed to providing exceptional customer service, which means the company is more than willing to give you the level of service you want.

Eligibility requirements

• You must be above 19 years old
• You must reside in a province that iCash services
• Net income of at least $800 per month deposited into a bank account
• Have a valid cell phone number, address, and email address
• Have a Canadian bank account
• Receiving income from the same source for the past three months

Why we recommend iCash

• 24/7 application, approval and funding
• Bad credit is allowed
• Get your payday loan in less than an hour
• No fee for early repayment
• 24/7 e-transfer

Why we don’t like iCash

• Extremely expensive
• Short repayment terms
• Payday loan regulations vary by province

9. Focus Cash Loans

With a name like Focus Cash Loans, this company has made its mission to deliver the most efficient way to get you the cash you need.

It focuses on providing a quick and dependable service that can supply you with the emergency cash you want in minutes.

This company has grown into one of the best payday loan companies by offering their customers quick access to funds and sound advice for managing their money.

They are also always ready to help their clients with various financial services, including payday loans.

Eligibility requirements

• You must be 19 years of age or older.
• Have an active chequing account that can receive e-Transfers.
• Have proof of a net income of $1,200 per month
• Have an active telephone number that Focus can contact you at.
• Bank statements show regular direct deposits from the past three months.

Why we recommend Focus Cash Loans

• Easy online application
• Fast approval and funding
• Bad credit is okay
• No collateral for loans
• You can use the funds for any purpose

Why we don’t like Focus Cash Loans

• Not available across Canada, only in Alberta, BC, and Ontario
• You need to provide two references
• Short repayment terms
• Steep interest rates

10. GoDay

GoDay is a direct lender that services online payday loans in Ontario. They have a team of experts on hand to help you with your payday loan needs.

You can call them anytime, 24/7, to speak with a friendly expert who can help you get the cash you need when you need it.

Whether you’re a student looking to pay off tuition, or a homeowner in need of some home repair money, GoDay offers fast and convenient loans.

You can apply for a payday loan through our website anytime and anywhere. Once they process your application, you will receive your funds instantly.

Eligibility requirements

• You must be a Canadian resident.
• Have your valid email account, phone number, and home address.
• You must meet the minimum age requirement inyour province.
• Have a steady source of income
• Have an open bank account with a Canadian bank or credit union.
• You must live in Alberta, BC, Manitoba, New Brunswick, Nova Scotia, Ontario, PEI, or Saskatchewan.

Why we recommend GoDay

• Fast approval
• Easy online application
• Unsecured loan
• Anyone with a regular income source can apply

Why we don’t like GoDay

• Incredibly high fees
• First-time borrowers only get $500
• Not available in all province
• Automatic withdrawals of loans from the borrower’s account

11. Mr. Payday

Mr. Payday has been a trusted Canadian payday loan company in business since 2002. Mr. Payday has become one of the leading providers of online payday loans in Ontario.

This company is a reputable payday loan company in Canada committed to getting Canadians the money they need when they need it most.

With My Canada Payday, you can apply for a payday loan over the phone or online and receive your funds in just a few minutes. You can also repay your loan early without incurring any fees or penalties.

Additionally, the application process is quick and straightforward: You just need to fill out a short online form and provide basic information such as your email address, birth date, employment information and banking details.

Eligibility requirements

• You must be above 19 years old.
• Have an active chequing account.
• Be a Canadian citizen or permanent resident.
• Have a stable job or receive government or non-government disability benefits.
• Have an active phone number.
• Have a net income of over $1,100 per month.

Why we recommend Mr. Payday

• Simple application process
• Online payday loans instant approval
• No collateral is required
• It has a mobile app for applying for funding easily and quickly
• Bad credit is okay
• Non-employment income is allowed when you have government or non-government benefits.

Why we don’t like Mr. Payday

• Fast repayment required
• Only borrows up to $1,500
• You can’t apply if your bankruptcy is declared
• Requires two references
• Very high fees

12. Cash Depot

Cash Depot is one of the best online payday loans in Ontario due to its quality service delivery, reputation and professionalism over the years.

The company operates on the philosophy that borrowing should be easy and accessible to everyone.

They offer convenient loans that do not require a credit check, which means anyone can apply for one (payday loans Ontario no credit check). Borrowers can visit any of their branches to apply for a loan or apply online.

In addition to payday loans, Cash Depot also offers short-term loans, cash advances and cheque cashing services.

The company is well known for its fast response time, making it possible for borrowers to access their money within minutes after completing the application process.

Eligibility requirements

• You must be at least 18 years
• Have proof of steady employment
• Show six moth of banking history

Why we recommend Cash Depot

• Instant approval
• No collateral is required
• Bad credit is allowed
• Instant deposits

Why Online Payday Loans in Ontario?

Faxless Payday Loans

Applying for online payday loans in Ontario is more straightforward because you are not required to fax any documents.

You don’t need to get off your chair and go looking for stamps. All you need to do is fill in an online application and leave the rest to them.

Easy Application Process

The process is straightforward. To apply for a payday loan, you simply need to go online and visit one of the many online payday lenders in Ontario.

Fill out their short application with your personal information, how much you want to borrow, and how long until you repay the loan (usually two weeks).

Instant Approval

Online payday loans in Ontario are explicitly designed to help people who need money immediately. They are meant to tide you over until you receive your paycheck.

Therefore, when you are short of money and need it instantly, online payday loans in Ontario are there to help you. You can submit your request and get the cash in less than 24 hours.

No Credit Check

Online payday loans in Ontario are no credit check loans. You can get your money with no credit checks. Troublesome credit histories can be settled down by applying for these loans.

So, if you have a bad credit score and want to take a loan, but you are wondering about the interest rates, then take heart as this is the best option for you.

RELATED: Best Payday Loan Online Instant Approval

Conclusion

A payday loan is the best solution for people living paycheck to paycheck, and their next payday is too far away.

If you have issues paying your bills on time, can’t afford a car repair or need help with paying for school books, then getting a payday loan is the way to go.

However, payday loans may seem like a good idea when your finances are in a pinch, but they’re not always the best choice.

First off, payday loans tend to come with very high-interest rates and fees. This means that they can be very costly over time.

It’s essential to read all the fine print before signing up for a payday loan so that you understand what you’re getting into.

Therefore, if you’re thinking about taking out a payday loan to cover some of your expenses, make sure it is your last option.